All three major indexes have pared their steeper losses from the morning
Stagflation fears are growing stronger by the day, as oil prices topped $100 for the first time since 2022 earlier after Kuwait and Iraq cut their respective crude outputs. The Dow Jones Industrial Average (DJI) is 410 points lower this afternoon, but was down over 900 points at its session lows.
The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also lower, but have pared steeper losses from the morning, as G7 countries weigh tapping their strategic crude reserves, even as black gold retreated back below $100 per barrel. Meanwhile, Iran named Ayatollah Ali Khamenei’s son Mojtaba as its new supreme leader.
Options traders are targeting Signet Jewelers Ltd (NYSE:SIG) stock today, with 4,027 calls exchanged so far -- volume that's nine times the amount normally seen at this point -- compared to just 51 puts. The most popular contract is the weekly 3/16 100-strike call, followed by the 95 strike call in that series. SIG is down 4.2% to trade at $86.98 at last glance, after the jewelry retailer's preliminary fourth-quarter results pointed to a drop in same-store sales. SIG is eyeing its fourth-straight loss and poised to close below the 200-day moving average for the first time since June, but it still sports a 4.3% year to-date lead.
Bloom Energy Corp (NYSE:BE) stock is trading near the top of the New York Stock Exchange (NYSE) today, last seen up 8% to trade at $146.03, after the solid oxide fuel cell company announced an AI data center partnership with Brookfield. BE shed 15.5% on Friday off its Feb. 25 record high of $180.84, but boasts a whopping 590% nine-month lead.
elf Beauty Inc (NYSE:ELF) stock is toward the bottom of the NYSE, down 10% to trade at $74.26 at last check. While there is no immediate catalyst for today's outsized losses, broader market headwinds could be weighing on shares of the beauty retailer. ELF is headed for its sixth loss in seven sessions, and earlier breached support at the $80 region. The equity has also shed more than 46% over the last six months.